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Eric Risberg / AP

Gilead Sciences reported yesterday that its earnings fell 33% in 4Q of 2016 compared to the year before, per the Washington Examiner, and the company expects sales to fall another 22% in 2017. This sharp plunge in sales is largely a result of the company's two leading hepatitis C drugs, Sovaldi and Harvoni, which have dropped 65% and 51% respectively.

The drugs have received a lot of flak, both by the public and Congress, for their high prices. Sovaldi cost approx. $84k for a full 12-week regiment when it first came to market, and Harvoni cost nearly $100k. Now competing drugs, like the lower-priced Epclusa, are becoming more powerful rivals.

Why this isn't surprising: A 2015 report from Senators Ron Wyden and Chuck Grassley found that Gilead had ignored concerns about cost and accessibility when setting the prices. ""Gilead knew these prices would put treatment out of the reach of millions and cause extraordinary problems for Medicare and Medicaid, but still the company went ahead," said Wyden.

Go deeper

Dion Rabouin, author of Markets
29 mins ago - Economy & Business

First glimpse of the Biden market

Photo: Jonathan Ernst-Pool/Getty Images

Investors made clear what companies they think will be winners and which will be losers in President Joe Biden's economy on Wednesday, selling out of gun makers, pot purveyors, private prison operators and payday lenders, and buying up gambling, gaming, beer stocks and Big Tech.

What happened: Private prison operator CoreCivic and private prison REIT Geo fell by 7.8% and 4.1%, respectively, while marijuana ETF MJ dropped 2% and payday lenders World Acceptance and EZCorp each fell by more than 1%.

Mike Allen, author of AM
1 hour ago - Politics & Policy

Biden-Harris, Day 1: What mattered most

President Joe Biden and first lady Dr. Jill Biden arrive at the North Portico of the White House. Photo: Alex Brandon-Pool/Getty Images

The Axios experts help you sort significance from symbolism. Here are the six Day 1 actions by President Biden that matter most.

Driving the news: Today, on his first full day, Biden translates his promise of a stronger federal response to the pandemic into action — starting with 10 executive orders and other directives, Caitlin Owens writes.

2 hours ago - Politics & Policy

Read: Pete Buttigieg's opening statement ahead of confirmation hearing

Pete Buttigieg, President Biden's nominee to be secretary of transportation, in December. Photo: Kevin Lamarque/AFP via Getty Images

Pete Buttigieg, President Biden's nominee to lead the Transportation Department, will tell senators he plans to prioritize the health and safety of public transportation systems during the pandemic — and look to infrastructure projects to rebuild the economy — according to a copy of his prepared remarks obtained by Axios.

Driving the news: Buttigieg will testify at 10 a.m. ET before the Senate Committee on Commerce, Science and Transportation. He is expected to face a relatively smooth confirmation process, though GOP lawmakers may press him on "green" elements of Biden's transportation proposals.